April 23, 2003

Minutes of

Meadowood Townhomes Homeowner’s Association

Annual Meeting

April 23, 2003

President George Roper called the Meeting to order at 7:31 PM.

Roll call and introductions were made. The following homeowners were present or represented by proxy: # 128, 129, 141, 162, 164, 169, 171, 172, 173, 175, 176, & 177, 178, 180. Also present were Property Manager Ted Miller Jr. and Attorney Gary Henrichson.

Mr. Miller provided proof of notice of meeting.

It was determined that there was a quorum present and the meeting commenced.

The minutes of the meetings of March 22, 2002, December 05, 2002, and March 22, 2003 approved by acclamation.

Mr. Miller presented the 2002 Financial Reports. After several items were discussed a motion was made to approve the reports, upon a second and a unanimous vote the financial reports were approved.

There were brief Officer and Management reports given with no action taken.

Mr. Miller then presented the 2003 Budget. After some discussion Mr. Hendrix made a motion to increase the assessment rate by 10% to $105.00 per month to provide funds for additional landscaping. The motion was seconded by Mr. Beattie, and upon vote of 13 for and 1 against the motion was approved.

There was then a very active discussion undertaken concerning the swimming pool. Mr. Higgins made a motion to have a special assessment of $360.00 sent out immediately and another special assessment of $460.00 sent out in September to facilitate the cost of the necessary work. Mr. Beattie seconded the motion and after much discussion and vote the motion failed.

Mr. Hendrix then made a motion to have a special assessment of $ 820.00 sent out immediately. Upon a second by Mr. Beattie and a unanimous vote the motion passed.

A discussion was then undertaken concerning re-opening the pool. Mr. Hendrix made a motion to unlock the gates but leave up the Pool Closed signage. Mr. Jones seconded the motion, and upon unanimous vote the motion passed.

There was then a motion made to amend the 2003 Budget to reflect the changes to the income and expense items incurred as a result of the assessment rate vote and the vote on the special assessment. There was a second to the motion, and upon unanimous vote the 2003 Budget was approved as amended.

There was a motion by Mr. Jones to re-elect the current Board of Directors for another term. Upon a second by Mr. Hendrix and unanimous vote Mr. Roper, Mr. Beattie and Mr. Higgins were elected as directors for 2003.

There was a motion and second to adjourn and after a unanimous vote the meeting was adjourned at 9:05 PM.